b. Crilically cfiscuss the conporation's kverage pusiticn ancd profitatility perfonance for i: financial year 2021 in comparison to the year 2020.
Q: On January 1, there were two jobs in process at Worship Printing Company. Details of the jobs are: J...
A: Cost of job completed in January = cost of job A-15 and cost of job A-38
Q: Is Share Dividends qualify as Revenue?
A: If the entity is in the business of buying and selling shares and securities then share dividends wi...
Q: Sarasota Corporation had the following 2020 income statement. Sales revenue $183,000 Cost of go...
A: The Statement of cash flow can be prepared under two methods. It is Direct Method and Indirect Metho...
Q: Miller Corp. purchased a new machine for its factory. The following lists shows the various expendit...
A: Note: Insurance costs incurred for the transit to the destination is only capitalized to the assets....
Q: Exercise 7-42 (Algo) Job Costing in a Service Organization (LO 7-4) Allocation Busters (AB) is a dis...
A: An income statements statement that shows the income and expenses of a company. It also indicates wh...
Q: ABC Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried at a co...
A: Job order costing is the system of costing where the work is performed as per the specific job. The...
Q: Zachary Transport Company divides its operations into four divisions. A recent income statement for ...
A: Avoidable cost : Salaries for drivers Fuel expenses Insurance Division - level Facility - sustainin...
Q: Buffalo Corporation had the following 2020 income statement. Revenues $104,000 Expenses 62,00...
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the so...
Q: Q1)Fuzzy Monkey Technologies purchased as a long-term investment $80 million of 8% quoted bonds, dat...
A: Given information, Investment in bond=$80 million Cash paid=$66 million 1.Journal entry to recor...
Q: The following items were taken from the financial statements of Buttercup Company. (All dollars are ...
A: The balance sheet shows the financial position of the company including the assets, liabilities, and...
Q: What interest was earned if P500 500 is invested at 10 1/2% from October 20, 2019 to March 20, 2020?...
A: Solution: Amount invested = P500,500 Interest rate = 10.5% Period invested = Oct 20, 2019 to March 2...
Q: The following information is available for Integrity Co. for the current year: Beginning Work in Pr...
A: Equivalent units concept is used when opening or ending work in progress is not 100% complete but pa...
Q: What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 3...
A: solution concept event occurring after balance sheet date The event occurring after balance date can...
Q: Miracles Manufacturing Co. manufactures a lifting equipment. One order from Heaven Company for 3,00...
A: Direct labor cost is a part of wage-bill or payroll that can be specifically and consistently assign...
Q: Prepare a correct statement of profit or loss and other comprehensive income for Friday Corp. (Ignor...
A: Statement of income shows all the income(s) earned by the organization. There are certain ways for c...
Q: Accounting Apparel completed 3,600 expensive bags during the 1st quarter of the current year. The f...
A: 1) Total factory cost = 3600 units * PHP 170 ( PHP 180 - allowances of spoilage PHP 10 ) = PHP 61...
Q: the statement 1. Fixed assets that had cost $20,000 6½ years before and were being depreciated o...
A: Solution 1. Investing and operating activity Explanation: Sales value of fixed assets is shown in in...
Q: 167 Computer Equipment 640 Rent Expense 168 Accumulated Depreciation-Computer Equipment 650 Office S...
A: Trial Balance: A trial balance is an accounting worksheet where the balance of all records is incorp...
Q: Rancho Cucamonga Inc. established the following direct materials and direct labor standards for its ...
A: Given that standard price = $6 per hour Actual quantity = 10 x 3 hour = 30 hour
Q: Foster & Kelly was founded with the mission of filling every home with music. The company repoited t...
A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning in...
Q: Give
A:
Q: n 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clar...
A: The question is based on the concept of Financial Accounting. Construction contracts are the contrac...
Q: The following capital balances as of October 31 , 2016 for the Partnership of Wilma , Xelyn and Yska...
A: A partnership is a relationship between two or more persons who have agreed to share profits of the ...
Q: mployees December 31,2025 60 employees Actual and estimates of employees who left and are expected ...
A: Compensation Expense:
Q: Manuel and Marcus are partners with the following capital balances as at June 30, 20xx with their re...
A: Solution Partnership consists two or more people combine their resources to form a business and agre...
Q: Buffalo Limited has the following information available regarding its share capital at December 31, ...
A: Shareholders also invest money in the company and in return they become the owners in proportion to ...
Q: Kelvin Co. produces and sells socks. Variable costs are budgeted at $4 per pair, and fixed costs for...
A: Required sale for target profit is a part of cost volume profit analysis. It can be calculated by di...
Q: Riverbed Corporation is authorized to issue common and $3 convertible preferred shares. Each preferr...
A: Introduction Some times A Corporation may issue convertible preferred shares, that can be converted ...
Q: Lump-sum Liquidation Partnership is insolvent and partner/s are personally insolve- nd Vincent are p...
A: Workings Computation of personal assets realized value Vic PHP Victor PHP Vincent PHP P...
Q: 8.Determine when each of the following must deposit its Form 941 tax liabilities. Quikstep, a month...
A: 1.Quikstep, a monthly depositor, pays employees on Friday. Its 941 tax liability for the April 17, 2...
Q: Problem 1. The following pertains to the financial records of SinoTrump Company: Sales Purchases P16...
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts fo...
Q: od and Joseph are partners with capital balances of P1,600,000 and P2,400,000 respectively. They sha...
A: Solution Given Capital balance of Jacob 1600000 Joseph 2400000 Joshua is admitted ...
Q: why is it important for insurance companies to manage underwriting risk?
A: in contract of insurance there is a guarantee by insurance that it will pay the damage or loss . cre...
Q: Hemingway Company purchases equipment by issuing a 7-year, $350,000 non-interest-bearing note, when ...
A: Lets understand the basics. When any asset is purchased in exchange of non interest bearing notes th...
Q: Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Inventor...
A: Inventory Turnover ratio = Cost of goods sold / Average Inventory Average inventory = ( Opening in...
Q: 1. Accumulate 12,000 Pesos at 3 ½ % simple interest for 9 months. 2. An interest of 853.12 Pesos was...
A: Simple Interest is always calculated on the principal amount only. Simple Interest = Principal x Int...
Q: Mr. Wade was just promoted to Dean and will earn a yearly salary of $271,828.08 evenly distributed w...
A: Monthly Salary = Yearly Salary12 months Social Security Taxes = Monthly Salary x 6.2% (Employee's Co...
Q: d mature on December 31, 2031. ABC uses the effective interest method of amortizing bond discount. H...
A: When bonds are issued a price less than its face value , there is a discount on bonds payable. The d...
Q: ain company prepared draft financial statements that showed the income before tax for the year ended...
A: solution concept event occurring after balance sheet date The event occurring after balance date can...
Q: Staley Co. manufactures computer monitors. The following is a summary of its basic cost and revenue ...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: The income statement of Headland Company is shown below. HEADLAND COMPANY INCOME STATEMENT FOR THE...
A: The statement of cash flows can be prepared using two methods, i.e. Direct Method and Indirect Metho...
Q: Stmt of Income Stockholders Balance Sheet Statement Equity Prepare a classified balance sheet as of ...
A: Calculation of Profit PARTICULAR AMOUNT Service Revenue 505,000 Salaries expense (40...
Q: Larkspur Limited is a private company that follows ASPE. It is authorized to issue an unlimited numb...
A: Return on Equity - Return on Equity shows how much the company earned from the amount owed to stockh...
Q: This enhancing characteristic requires that users be well-informed and diligent for information to b...
A: Relevance: Relevance refers to how helpful the information is for the financial decision-making proc...
Q: What are the elements of uncertainty for internal shareholders that remain or are introduced when us...
A: elements of uncertainty for internal shareholders are discussed below
Q: BE5.2 (LO 1), AP The following are the components in Gates Company's income statement. Determine the...
A: Gross profit is an excess of revenue over the cost of goods sold and operating income is the remaini...
Q: European International has 3 separate business units in the following countries. Data for each of th...
A: The answer is stated below: Note: Answering the first question along first three subpart...
Q: uestion: Determine the total service department costs (S1 + S2) allocated
A: Solution Given Total cost for two service departments =150000 Method used =direct method Allocati...
Q: 3. Vaughn Corporation had the following activities in 2020. 1. Payment of accounts payable $832...
A: Cash flow statement depicts the total cash flows (inflows and outflows) for a given period. It also ...
Q: Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each...
A: Tax liability is a payment owing to a federal, state, or municipal tax body by an individual, a corp...
Step by step
Solved in 2 steps with 1 images
- Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callableSelected information from Brook Corporations accounting records and financial statements for 2019 follows: On the statement of cash flows for the year ended December 31, 2019, Brook should disclose a net increase in cash in the amount of: a. 1,700,000 b. 2,400,000 c. 3,700,000 d. 4,200,000Interest and Income Taxes Staggs Company has prepared its 2019 statement of cash flows. In conjunction with this statement, it plans to disclose the interest and income taxes it paid during 2019. The following information is available from its 2019 income statement and beginning and ending balance sheet: Required: 1. Compute the amounts of interest paid and income taxes paid by Staggs for 2019. 2. Next Level Under IFRS, how would interest paid and income taxes paid be reported?
- Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893 (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million (b)The parts of this question must be completed in order. This part will be available when you complete the part above.Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to Text
- Consider the following information taken from GER's financial statements: September 30(in thousands) 2020 2019 Current assets: Cash and cash equivalents $1,274 $6,450 Receivables 30,071 16,548 Inventories 31,796 14,072 Other current assets 4,818 2,620 Total current assets $67,959 $39,690 Current liabilities: Current portion of long-term debt $97 $3,530 Accounts payable 23,124 11,228 Accrued compensation costs 5,606 1,929 Accrued expenses 9,108 5,054 Other current liabilities 874 777 Total current liabilities $38,809 $22,518 Also, GER's operating cash flows were $11,255 and $13,736 in 2020 and 2019, respectively. Round your answers to two decimal places. 2. Calculate the quick ratios for 2020 and 2019. Quick Ratio 2020 ?? 2019 ?? 3. Calculate the cash ratios for 2020 and 2019. Cash Ratio 2020 ?? 2019 ?? 5. Conceptual Connection: What are some reasons why GER's…Refer to the following financial statements of Merdu Sdn. Bhd. for 2020 and 2019: Merdu Sdn. Bhd. Balance Sheets 31 December (in millions) 2020 2019 Assets Current assets Cash Acount receivable (net) Inventories Other current assets Total current assets Property (net) Other assets Total assets RM460 1,188 1,132 247 3,027 3,281 5,593 RM11,901 RM444 1,190 1,056 225 2,915 3,128 5,804 RM11,847 Liabilities and Stockholders’ Equity Current liabilities Long-term liabilities Stockholders’ equity – common Total liabilities and stockholders’ equity RM3,313 6,826 1,762 RM11,901 RM3,184 6,509 2,154 RM11,847 Merdu Sdn. Bhd. Income Statements For the year ended 31 December (in millions) 2020 2019 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations RM13,198 7,750 5,448 3,472 1,976 RM12,397 7,108 5,289 3,299 1,990 Interest expense Other (income) expense, net…Prepare the income statements and balance sheets for years 2018 and 2019 for Thompson Company using the following information. The balance sheet numbers are at the end of year figures.Item20182019Accounts Payable120.0150.0Accounts Receivable150.0180.0Accumulated Depreciation330.0360.0Cash & Cash Equivalents10.012.0Common Stock150.0200.0Cost of Goods Sold750.0850.0Depreciation25.030.0Interest Expense30.033.0Inventory200.0180.0Long-term Debt150.0150.0Gross Plant & Equipment650.0780.0Retained Earnings208.5225.0Sales1,500.01,700.0SG&A Expenses500.0570.0Notes Payable51.567.0Tax Rate21%21%(2) Answer the following questions:(a) How much did Thompson Company spend in acquiring fixed assets in 2019?(b) How much dividend did Thompson Company pay out during 2019?(c) Using the end of year numbers, did the long-term solvency ratios improve or deteriorate from 2018 to 2019? Answer this question using at least two long-term solvency ratios.(d) Using the end of year numbers, did the asset…
- UTV Corp. have the following account balances for the year ended December 31, 2020:DEBIT BALANCESAmountCash and cash equivalents400,000Accounts receivable900,000Raw materials560,000Goods in process600,000Finished goods1,400,000Financial assets at FVOCI2,500,000Sinking fund200,000Land1,000,000Building6,000,000Plant and equipment2,400,000Patent800,000Goodwill1,400,000Unrealized loss – FVOCI100,000Prepaid benefit cost20,000Treasury shares at cost250,000TOTAL18,530,000 CREDIT BALANCESAmountBank overdraft100,000Due from an officer50,000Allowance for bad debts40,000Accumulated depreciation – building1,600,000Accumulated depreciation – plant and equipment400,000Notes payable, due June 30, 20211,300,000Notes payable, due June 30, 20222,100,000Accounts payable1,000,000Provision180,000Warranty liabilities80,000Income tax payable120,000Finance lease liability180,000Deferred tax liability280,000Actuarial gain300,000Revaluation surplus360,000Share capital6,000,000Share premium2,000,000Retained…The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…The condensed financial statements of Evoc Company for the years 2019 and 2020 are presented as follows. Evoc CompanyStatements of Financial PositionDecember 31 2020 2019 Intangibles and other assets € 530 € 510 Property, plant, and equipment 420 380 Investments 10 10 Current assets Prepaid expenses €120 €160 Inventory 430 390 Accounts receivable (net) 470 433 Cash and cash equivalents 330 1,350 360 1,343 Total assets €2,310 €2,243 Equity €1,020 €1,040 Non‐current liabilities 390 393 Current liabilities 900 810 Total equity and liabilities €2,310 €2,243 Evoc CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Sales revenue €4,000 €3,600 Costs and expenses Cost of goods sold 984 895 Selling and administrative expenses 2,400 2,330 Interest expense 10 20 Total costs and expenses 3,394 3,245 Income before income taxes 606…